After months of consecutive declines, Nigeria’s external reserves increased by $123.3 million in July.
According to the most recent figures obtained from the Central Bank of Nigeria on Wednesday, this is the case.
According to CBN data, reserves increased from $33.27 billion on July 1 to $33.40 billion on July 30.
The slight increase for the month of July came after a $300 million addition to reserves in less than two weeks, pushing reserves to $33.08 billion on July 12.
As the CBN intensifies its efforts to stabilize the Naira, the increase in reserves will be welcomed by the Nigerian economy.
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Reserves fell by $905.5 million in June, from $34.23 billion on May 31 to $33.32 billion on June 30.
According to CBN data, the reserves were $34.88 billion as of April 30.
Despite the improvement in July, a year-to-date (YtD) check shows reserves are still down $1.99 billion, or 5.6 percent, from the $35.37 billion recorded on December 31st, 2020.